NV5 Announces Record Second Quarter Results; Exceeds Analysts' Expectations


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)

  Three Months Ended  Six Months Ended
  June 27, 2020  June 29, 2019  June 27, 2020  June 29, 2019
Gross revenues$162,689  $127,974  $328,169  $245,309 
        
Direct costs:       
Salaries and wages45,079  38,080  90,114  73,337 
Sub-consultant services25,244  20,044  52,670  36,996 
Other direct costs8,914  8,410  17,402  18,106 
Total direct costs79,237  66,534  160,186  128,439 
        
Gross Profit83,452  61,440  167,983  116,870 
        
Operating Expenses:         
Salaries and wages, payroll taxes and benefits 44,149     30,765     89,706     60,004  
General and administrative 11,824     10,896     24,980     19,758  
Facilities and facilities related 5,357     3,937     10,754     7,743  
Depreciation and amortization 11,160     6,245     22,200     12,357  
Total operating expenses 72,490     51,843     147,640     99,862  
               
Income from operations 10,962     9,597     20,343     17,008  
               
Interest expense (4,403 )   (457 )   (8,190 )   (808 )
               
Income before income tax expense 6,559     9,140     12,153     16,200  
Income tax expense (2,056 )   (346 )   (3,462 )   (1,863 )
Net Income and Comprehensive Income $ 4,503     $ 8,794     $ 8,691     $ 14,337  
               
Earnings per share:              
Basic $ 0.37     $ 0.73     $ 0.71     $ 1.19  
Diluted $ 0.36     $ 0.70     $ 0.69     $ 1.15  
               
Weighted average common shares outstanding:              
Basic 12,308,965     12,106,066     12,271,221     12,033,906  
Diluted 12,609,918     12,521,463     12,601,830     12,447,248  

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